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World Report View

The Impact of Decreasing Oil Demand on the environment

by Meghana Fessy | 01-05-2020 22:53 recommendations 0

Right now, the whole world has taken a pause. And in a world without movement, fuel becomes obsolete. However, despite a dramatic plunge in oil demand, companies are still pumping out oil.

The result — oil prices went negative for the first time in history and some of the biggest oil companies are in trouble

While oil demand dropped, renewable energy is actually experiencing an upswing. This year, renewable energy sources made up 21% of electricity in the U.S. for the first time in history. The New York Times reported that although some projects have been delayed due to the pandemic, wind and solar will continue to grow. This will happen even as oil, gas, and coal struggle to financially recover.


Dramatic decline in oil demand lead to clearer, less polluted skies

Across the world, pollution has significantly decreased, leading many to believe COVID-19 was an opportunity for the Earth to ¡°heal¡±. Photos of pristine canals, smog-free skies, and reappearing wildlife have flooded social media as a result.

Here are just some examples: The Himalayas are finally visible after decades of pollution have left them hidden. In New Delhi, India—one of the most polluted cities in the world—saw a 60% reduction in fine particulate matter. Even in the usually smog-covered city of Los Angeles, residents experienced some of the cleanest air in any major city across the globe last week.

Abandoned oil wells could cause toxic gas leaks

As continual production accentuates the concern of there being too much oil to store in existing wells, we could soon see a mass abandonment of oil wells. Left unattended, these wells could lead to greenhouse gases like methane leaking out.

On one hand, some believe it could be a major turnaround point in the fight against climate change and the beginning of the end for big oil. (For instance, a huge shift to renewables, oil prices stay low, and so on.) Others aren¡¯t so bullish about the demise of big oil. After all, the fossil fuel industry may climb back just as it has in any other crisis. And in terms of the environment, some scientists believe this peak in air quality improvements will be short lived unless we continue taking serious preventive measures after the crisis.



Himalayas visible

no image

  • Dormant user Meghana Fessy
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11 Comments

  • sandesh thapa says :
    Thanks for sharing.
    Posted 05-07-2020 16:29

  • Asmita Gaire says :
    Hello Meghana
    I hope you are doing well
    Thank you so much for this report.
    Keep writing
    Regards
    Asmita Gaire
    Posted 06-05-2020 16:59

Sonika Pariyar

  • Sonika Pariyar says :
    Hello Maghana!

    I hope you are doing great!

    Oil industry is one of the major industry contributing different types of pollution and harm to earth. Closure of this can cause many positive impact on our mother earth.
    Thanks for Sharing!

    GREEN CHEERS!

    Regards,

    Sonika!

    Posted 02-05-2020 23:04

  • Asmita Bhusal says :
    Hello Meghana,
    This quarentine has let our nature heal. If we could maintain this, it would be the eminent deed by mankind ever for the Earth.
    Keep on writing.
    Regards
    Asmita
    Posted 02-05-2020 21:05

  • Sudha Bhandari says :
    Hello Meghana,
    Thank you so much for sharing a wonderful report.
    Keep writing and shining
    Regards
    Sudha
    Posted 02-05-2020 13:57

  • Meena Pandey says :
    Hello Meghana!!

    I hope you are fine and doing great.
    The sky is glowing brighter when industries and automobiles are out of work.

    Keep writing and shining.

    Hope to know more from you.

    Warm regards,
    Meena

    GREEN CHEERS
    Posted 02-05-2020 13:44

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